Finance

United Kingdom firms unprepared for cyberattacks

United Kingdom firms unprepared for cyberattacks

Understanding of the potential impacts from hacks has increased quickly over the past year, according to the survey, but only 57 per cent of businesses have a clear understanding of the damage that can be be wrought.

However, although boards are recognising the importance of cyber security, over two-thirds (68%) have not received any training to deal with a cyber incident. "The aftermath of a cyber-attack, without the appropriate training in managing the issue, can result in reputational damage, litigation and blunt competitive edge".

The survey also posed a set of questions about May 2018's EU General Data Protection Regulation, which found that 97 per cent of the UK's top firms had heard at least heard of the new rules. Yet, 71 per cent of businesses describe themselves as somewhat prepared to meet the requirements of the GDPR, but only 6 per cent say they are completely prepared.

Alex Dewdney, National Cyber Security Strategy Director for Engagement, said: "The NCSC is committed to making the United Kingdom the safest place in the world to live and do business online".

"This had significant implications in terms of the outsourced providers that charities used, and how much outside help they would ask for", the report says. GDPR will affect organisations in the United Kingdom and worldwide that have any dealings with consumers and businesses in European Union member states.

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The survey found some progress, however, with 31 per cent of boards receiving comprehensive information about computer security risks, compared to 21 per cent in 2015-16.

The survey also found that nearly all respondents said their company's board had either an acceptable (52%) or clear (43%) understanding of their organisation's key information and data assets.

"Charities must do better to protect the sensitive data they hold and I encourage them to access a tailored programme of support we are developing alongside the Charity Commission and the National Cyber Security Centre", Matt Hancock added. Board members with diverse job functions within an organisation have struggled in the past to understand how serious a cyber-incident can be. (Decrease of 4% from 20116 Health Check).

"Board members need to take collective responsibility for cyber security and consider it in every aspect of the business. Businesses now need to match their investment in innovative technology with their investment into cyber security, in order to stay one step ahead of cyber criminals", concluded Taylor.